BitMine currently owns over 3.2% of the total ETH supply and aims to control approximately 5% of all ETH.
According to data from Arkham, Tom Lee's Ethereum-focused treasury management company, BitMine, has purchased at least $229.31 million worth of ETH this week alone. on-chain data shows the company has just added another 30,075 ETH, equivalent to approximately $88.73 million.
Arkham Monitoring stated: “Two new wallets have withdrawn $88.73 million worth of ETH from FalconX. This transaction matches previous ETH purchase patterns by BitMine.”
BitMine owns over 3% of the ETH supply.
BitMine is actively accumulating Ether despite the weakening market. The latest purchase comes just days after the company announced it had bought $140 million worth of ETH from a hot wallet on FalconX.
Additionally, the NYSE American-listed company stated on Monday that it holds over 3.2% of the total ETH supply. According to CoinGecko's ETH treasury data, BitMine has purchased a total of 407,331 ETH over the past 30 days.
Earlier this month, BitMine purchased nearly $70 million worth of ETH in just three days, making it the company with the largest Ether-focused cryptocurrency treasury on the market, far surpassing its competitors.
A few days later, the company added another $150 million worth of ETH to its balance sheet, including 18,345 ETH through BitGo and 30,278 ETH through Kraken. This transaction was recorded as one of the largest Capital into the company's Ethereum treasury this year.
BitMine's management previously stated that the company's goal was to control approximately 5% of the total ETH supply.
ARK bought $10.56 million worth of BMNR shares, causing the share price to fall.
BitMine Immersion Technologies (BMNR) shares fell 3.04% on Thursday, closing at $29.32, according to data from Google Finance.
The decline occurred after Cathie Wood's ARK Invest purchased $10.56 million worth of the company's shares through three different ETFs on Wednesday. This followed a previous purchase of $17 million worth of BitMine shares.
ARK also stated that it purchased an additional $5.9 million worth of Coinbase shares and $8.85 million worth of Bullish shares.
